Consumers: Innovate, but please keep fees low

by. Karen Postma

What do consumers value most in a financial institution (FI)? It depends whom you ask.

A recent GoBankingRates survey found fees, mobile banking and quality customer service each made the top of consumers’ lists, varying depending on age and income.

Just 7 percent of the highest income earners polled named fees as the most important factor in choosing an FI. However, 50 percent of those in the same income range listed great interest rates as being of top importance.

Twenty-three percent of Millennials, age 18 to 24, said online and mobile banking services were most valuable to their banking experience. This is significant, as Javelin Strategy reports Millennials comprise 73 million of the U.S. population. Not only does this demographic make up a considerable portion of the country’s adult population, its members will increasingly contribute to the viability of the financial market.

The oldest age group surveyed (65 and older) prioritized exceptional customer service more than any other age group, with 21 percent citing it as most important.

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